Listed by CP Partners
$24,762,335
Downtown Novato Center
Details
Property Type Retail
Sub Type Grocery Store, Pharmacy/Drug
Square Footage 93,405
Cap Rate 6.25%
NOI $1,547,646
Occupancy 98.34%
Tenancy Multi
Brand/Tenant CVS Pharmacy, US Bank
Price per SqFt $265
Year Built 1966
Year Renovated 2018
Acreage 7.050
Parking Spaces 327 spaces
Parking per 1,000 SqFt 3.50
Ground Lease No
Premier Bay Area Grocery and Pharmacy-Anchored Center
Marketing description
Nestled in the heart of Novato, Downtown Novato Center is proudly co-anchored by Lucky California and CVS Pharmacy. With over 30 years of dedication to the center and recently renewed 10-year lease commitments, these longstanding tenants highlight the center’s enduring appeal. Boasting exceptional curb appeal and a charming park-like atmosphere, Downtown Novato Center serves as a vibrant hub and cherished destination for the Novato community.
Investment highlights
- Downtown Novato Center, co-anchored by Lucky California Grocer and CVS Pharmacy, is a trusted neighborhood destination with a strong, synergistic tenant mix of fitness, banks, and well known bakeries and cafes.
- Recent leasing momentum at the center includes new 10 year leases from Icon Fit and Kitsch + Sync, as well as a new Dutch Bros ground lease (NAP) that is expected to be completed by the end of the year.
- This established shopping center features numerous design attributes including excellent visibility, multiple points of access, and mature oak trees.
- The property received a new roof in 2018 with a 20-year warranty, LEED lighting, and improved signage and landscaping accents.
- Both Lucky California and CVS Pharmacy are paying well below current market rents, presenting a compelling mark-to-market opportunity for the next owner over the long term.
- Highly affluent Marin County location, average home values in Marin exceed $1.5 million in May 2026 (Zillow).
- Offered at $265/sf, the property is priced significantly below the San Rafael market average of $419/sf (CoStar) and replacement cost, ensuring substantial investment potential.
- Located in the Historic Downtown Novato shopping district, the center benefits from excellent demographics, with 58,000 residents and average household incomes of $201,000 in a 5-mile radius.
- CVS generates outstanding sales volumes, with year over year growth, far exceeding percentage rent thresholds, serving as a powerful hedge against inflation. With no remaining renewal options, CVS represents a prime value-add opportunity.
- Exceedingly high barriers to entry with no current retail projects under construction and only 10,000 sf proposed over the next 2 years (per CoStar).
Listing Contacts
Listed by CP Partners
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,547,646.00
$128,970.50/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
Map
Zoning
CN CommercialNeighborhood CommercialNeighborhood Commercial
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View all 120 uses Last updated Feb 3, 2026 For deeper zoning details, reports are available at Zoneomics
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